What Are SBA Loans And How To Apply For One
Small businesses that cannot secure a loan through conventional means can apply for one of the SBA loans in order to obtain funds. However, they must first attempt to obtain a loan through a commercial lender, private source, or bank. Once the business is turned down for the loan, the owner may then apply for an SBA loan provided his business meets the SBA requirements including its definition of a small business.
The business must be owned and operated independently in order to qualify for one of the SBA loans. Additionally, it must meet the predetermined specifications for size as far as the number of employees and revenue. Also, it cannot be a major company in its field. If approved for the SBA loan, the owner of the business is expected to comply with SBA regulations regarding matters of discrimination and public services.
The SBA loan is acquired through the private sector, but the SBA (Small Business Association), a governmental agency, guarantees the loan. The business owner must pledge to repay the loan in its entirety before the SBA grants him approval for the loan.
Several SBA loan programs are...
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